I'm not convinced it would simply 'erode.' My SWAG is it would eventually melt, split into smaller liquid bits and then those would eventually vaporize, finally slowing down to not-quite-so-relativistic speeds.
One thing that's going to happen, every hydrogen atom, or God forbid, every larger atom or collection of atoms that hits this thing is going to provide kinetic energy that goes into it and heats it up. I'm assuming the hydrogen atom will be trapped within the sphere (that makes for 100 percent energy transfer into the sphere, making for easier calculation), but at that speed it may well go through, and maybe even take bits of iron nuclei with it.
At rest in empty space the temperature will stabilize at the 3k background radiation, and you can (ignoring heat lost to radiation, which would become significant over time) calculate the temperature rise from there using the energy input and the specific heat of iron. The total input per unit time is of course the number of hydrogen atoms in interstellar space within a cylinder that's the cross-section path of this thing that it travels through in that time.
For the energy of each strike you would calculate the kinetic energy of a hydrogen atom at .999c. With the Lorentz transformations it would be hundreds or maybe thousands of times the kinetic energy as calculated using Newtonian mechanics. At that speed I don't think it would make much difference (again, this is just my SWAG) if its an ordinary-matter hydrogen atom or an antimatter hydrogen atom, as the kinetic energy is so large.
Geez, I'm not up on my space opera, but I wonder what the heck that railgun is tied down to. Its design and where it gets that amount of energy are also intriguing questions (Perhaps it's powered by a nuckear explosion, something like the
SDI's X-ray Laser), but for this post I'll put those on the back burner.
The reaction force would be huge. I could imagine it being mounted on the Moon and that firing it (especially thousands or millions of times in the same general direction) could cause a measurable change in the Moon's orbit. You couldn't fire this from a smaller platform unless you don't care where or how fast the platform ends up going.
I have to wonder how much will still be iron. The hydrogen atom is likely to be stopped or slowed down by hitting an iron nucleus, which will likely split into smaller elements, and perhaps knocking out particles at speeds high enough to split other iron nuclei (any particle physicist should be able to tell you better what will happen). This thing could end up as a soup of atoms below iron on the periodic table. And some nuclei might even fuse, making atoms heavier than iron as well.
ETA: Would something "reasonable" like 0.1 or 0.2c be fast enough?